HANOI, June 2 (Xinhua) -- Vietnam is seeking to boost high-quality rice production while cutting its exports in response to climate change, Vietnam News Agency reported on Friday.
Vietnam aims to cut its rice exports to 4 million tons a year by 2030, down 44 percent from 2022 shipments, according to the government's latest rice export strategy.
According to the government, rice export earnings will drop to 2.62 billion U.S. dollars by 2030 from 3.45 billion U.S. dollars last year.
Like many other countries, Vietnam is vulnerable to climate change, which will make rice production more difficult, said Pham Thai Binh, chief executive of Trung An Hi-tech Farming, a listed company mainly engaged in rice-producing.
Thus, Vietnam aims to boost the production and exports of high-quality rice to ensure food security while adapting to climate change.
Amid the challenging economic conditions brought about by inflation, recession, and geopolitical conflicts, Vietnam's rice exports in the first quarter this year rose to the highest level in the past 12 years, according to the Vietnam Food Association.
The growth was attributed to high-quality and high-price types of rice, which amounted to half of its total shipments in the period.
Vietnam has targeted rice earnings this year to grow 16 percent to 4 billion U.S. dollars from shipments of between 6.5 and 7 million tons, half of which comes from exports of premium-grade rice, said Nguyen Ngoc Nam, chairman of the Vietnam Food Association.
Vietnam's rice exports in the January-May period sharply jumped in both value and volume to 3.9 million tons and 2.02 billion U.S. dollars due mainly to gains in prices and robust demand, according to the Ministry of Agriculture and Rural Development.